When children are young, parents are busy — very, very busy. There are recitals to attend, soccer games and academic competitions, not to mention everyday care of the children. Not surprisingly, making long-term plans to ensure your children are protected if something should happen to you often takes a back seat.
While many consider estate planning essential only for the elderly, that is simply not true. It is very important to make such plans, perhaps even more so, if you have minor children. Here are the best ways to protect your children to ensure their safety and care:
- Name a Guardian: If you and your spouse were to die simultaneously or become incapacitated, it’s important to leave instructions as to who you would want to raise your minor children. A guardian is a person who will raise a child to adulthood if parents can’t do it themselves. Parents often put off choosing a guardian because it is uncomfortable to think about or perhaps because the parents cannot agree on who the guardian should be. It’s important for parents to overcome these hurdles and make a selection, because if you don’t and something happens to you, a judge who knows nothing about you will choose the person who will raise your children. Your estate-planning lawyer can help you name a guardian in a will and can also help you revise your will should you later change your mind.
- Provide for Your Children’s Financial Future: Because minor children aren’t allowed by law to manage money on their own, you should set up a trust or name an adult in your will to manage the children’s money until they are adults. Your estate-planning attorney can advise you about the best plan for your family to ensure that taxes are minimized and that your children’s financial future is protected.
If you are ready to protect your children through estate planning, our experienced and knowledgeable attorney at The Quitmeier Law Firm can help protect your children’s future. Contact Us.